Understanding withholding requirements for 401(k) plan distributions can be challenging. In this insight, learn more about the key aspects of withholding requirements, including distributions, periodic and nonperiodic payments, loans to participants, and other information crucial for plan sponsors to stay apprised of. Distribution Withholding Requirements A participant may receive a distribution from their vested account…
Budgeting for nonprofit organizations involves unique considerations, especially for trade associations operating under section 501(c)(6) of the Internal Revenue Code. This nonprofit organization typically generates revenue from membership dues, events, sponsorships, subscriptions and program fees. Expenditures may include events, meetings, publications and other programs largely used to benefit members. Let’s identify your starting point for…
Employment taxes are always scrutinized by the IRS and state taxing authorities, particularly in the healthcare industry. Audit issues include reclassification of workers from independent contractor to employee; an individual receiving both a Form W-2 and Form 1099 in the same calendar year; incorrect employment tax forms preparation; the failure to issue Forms 1099; and…
On May 8, 1793, during the French Revolution, the French National Convention, in a collection of decrees, wrote: “With great power comes great responsibility.” Years later, in 2002, Stan Lee featured this quote in the first Spiderman movie, where Uncle Ben imparted these wise words to his young nephew, Peter Parker, just before Peter gained…
Withum held its annual State of the Firm event on Tuesday, January 14, at the New Jersey Performing Arts Center (NJPAC), Newark, NJ. Nearly 1,500 team members gathered with another 1,000 online to hear the latest updates on the firm’s growth in advisory, tax and audit services and the vision for the future. Withum’s CEO…
The constant waves of hype about artificial intelligence have left many business leaders asking themselves an increasingly urgent question: “Have we missed our chance?” With headlines trumpeting AI successes and competitors announcing ambitious AI initiatives, it’s easy to feel like you’re falling behind. But before you rush to implement AI solutions out of FOMO (fear…
Imagine your organization is engaged in multiple projects each with its own objectives, deadlines and stakeholders. Now, picture this firm without any form of project management. Why project management, you ask? Projects begin with excitement – but soon, confusion reigns. Deadlines are missed, budgets spiral out of control and your stakeholders are frustrated. Like a…
VPNs have long been a necessary additional headache in the IT world. From dealing with user connection issues (increasing helpdesk load) to ensuring the latest updates are installed, and even paying for it as an add-on to your firewall, VPNs have been a constant headache. But now, it’s time to retire them! With the advent…
The application window for the Massachusetts Life Sciences Center Tax Incentive Program is now open. This program offers lucrative tax savings to eligible companies and the current application requirements include several modifications from past years, reducing barriers on several aspects of the application criteria. Applicants that previously didn’t qualify should reexamine to see if they…
On December 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), a significant piece of legislation aimed at providing much-needed tax relief to individuals and businesses affected by federal disasters. While the federal gross income exclusion for qualified wildfire relief payments received was extended to include payments received by…